Brazil's Vale to sell subsidiary's aluminum assets

12:47, January 23, 2010      

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Brazil's mining giant Vale, the largest iron ore producer in the world, Friday announced plans to sell the aluminum assets of one of its subsidiaries to a French company.

Its subsidiary Valesul Aluminio S.A. (Valesul) in Rio de Janeiro state has reached an agreement with Aluminio Nordeste S.A., a company of the French Metalis group, on the transaction, it said.

The assets included in the agreement are Valesul's anode plant, reduction plant, smelter, industrial services and administrative facilities and inventories, involving a total of 31.2 million U.S. dollars.

Valesul operated an aluminum smelter with a nominal capacity of 95,000 metric tons per year until March 2009. The company ceased its aluminum smelting operations in April for development in other fields.

Source: Xinhua
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